UPDATE: Jefferies Raises PT to $58 on Home Depot, Maintains Hold on Soft Outlook

Jefferies reiterated its Hold rating on Home Depot

but raised its price target from $56 to $58. Jefferies commented, "Management's commentary on housing trends was as confident as any we've heard from this team during this up-cycle. The market is also expecting continued improvement as it bakes in higher-than-consensus earnings next year, and while we too see a path to higher numbers, leading indicators signal some choppiness ahead. That said, the risk of near-term sales softness is mitigated by spending around Hurricane Sandy." Home Depot closed at $63.38 on Tuesday.